I don't Owe Taxes- Are Deductions for Student Loan Interest & Car Donation worthwhile?

OK the short of the question is that I made way below the cutoff in 2007 to owe any taxes on my return this year (About $11,000).

However, I have a $750.00 Student Loan Deduction and a $2,000.00 Auto Donation Deduction I can claim.

Further, I moved in 2007 for a job, and spend about $400 on the truck and boxes etc.

Is it even worth to declare these deductions? I mean it won't "deduct" from any taxes, because I am not paying any, right?

Those deductions won't inflate any return I get, will it? I couldn't imagine it would, knowing how the Govt. likes to stick it to we people of the great unwashed masses.

So should I use the deductions? Will it contribute anything meaningful to my return? or is it just more paperwork for little, if anything, in return?

1. Contrary to what rtfm wrote, moving expenses are an adjustment, not an itemized deduction, and may be claimed IN ADDITION TO the standard deduction.

2. Judy's answer should say $11,000, not $11,00, but otherwise seems right.

If your tax for the year is already at zero, none of those deductions would be of any use to you.

But unless you are married filing a joint return, $11,00 income is way OVER the cutorr to owe taxes.

Whether you owe taxes on your income or not depends on how much your employer withheld from your paycheck each week. If you didn't have any money withheld, you most certainly *would* owe some money on that income!

Anyway, to answer your question, the deductions you have mentioned don't add up to nearly as much as the standard deduction, so it wouldn't make any sense for you to itemize. Just take the standard deduction. It's easier and it works out better for you.

EDIT - Dang it, I messed up that answer. Moving expenses are *not* added in to the standard deduction, so it might be worth your while to claim them even if you aren't itemizing. Sorry about that!